PRESENTED BY CEO ØYVIND ISAKSEN AND CFO ROAR ØSTBØ (1)

Transcription

1 139 PRESENTED BY CEO ØYVIND ISAKSEN AND CFO ROAR ØSTBØ (1)

2 AGENDA Q4-10 Highlights Key Figures Regional market update Financial review Outlook Q&A (2)

3 Q4-10 HIGHLIGHTS 550 MNOK orders received post Q3 Important orders 205 MNOK frame agreement in Brazil, - 51 MNOK booked 57 MNOK tag contract from Autopista Central and Vespucio Norte Express in Chile 29 MNOK contract from the Swedish Road Administration 17 MNOK tag order from Roads and Traffic Authority (RTA) in Australia All time high product revenues of 117 MNOK Re-established profitability and positive cash flow ( Sao Paulo

4 KEY FIGURES Revenues Operating profit Order intake Order backlog 139 MNOK 2.5 MNOK 248 MNOK 575 MNOK (4)

5 MARKET UPDATE EUROPE, M.EAST & AFRICA Continuing high market activity Sweden, Portugal, France, Greece and South Africa Product sales, infrastructure projects, central system, service and maintenance activities Projects related to truck tolling in Europe New projects will materialise; France, Slovenia, Belgium, Denmark and others Scope could comprise GNSS OBU, back office, enforcement and services Each of these cases represents an opportunity of several hundred MNOK Projects will probably materialise from 2011 and onwards Sweden New market developing Project at Arlanda airport being planned, - bid process expected to be concluded mid 2011 Congestion charging in Gothenburg, - bid process expected to be concluded mid 2011 Expect to see an increase in use of tolling in Sweden going forward (5)

6 MARKET UPDATE EUROPE, M. EAST & AFRICA, CONT. Portugal 15 th October 2010 the two scuts was put into operation, - both delivered by Q-Free New award in Q related to conversion from shadow tolling to real tolling of 154 MNOK New sales opportunities for 2011 related to shadow tolling, new concessions, tags and service activity Major infrastructure possibility in Greece Q-Free will participate in a consortium Scope for Q-Free could be road side infrastructure as well as operational back office South Africa In the race for being awarded tag contract from ETC/Sanral Longer term new ETC infrastructure projects will materialise Portugal (

7 MARKET UPDATE ASIA PACIFIC Bangkok Increased ETC penetration implies an attractive tag market going forward New infrastructure projects identified Important tag and infrastructure activity in Australia Indonesia may show opportunities in 2011 Also exploring new cases in Taiwan, Malaysia and India (7)

8 MARKET UPDATE NORTH AND LATIN AMERICA Brazil, Chile, Columbia and Ecuador main areas of activity in South America Tag demand in Brazil continues to be high Important breakthrough in Chile Good activity related to ALPR (software) solution in US High focus on video based solutions The company s ALPR solution has a strong position (8)

9 CFO ROAR ØSTBØ FINANCIAL REVIEW Q4/10 (9)

10 Revenues (MNOK) EBIT margin (%) REVENUES AND EBIT-MARGIN QUARTERLY , ,000 17,6 % 270 6,9 % 5,2 % 1,8 % 0,0% 200, ,0% , ,0% 100,000 50, ,4 % -150,0% 0,000 Q4-09 Q1-10 Q2-10 Q3-10 Q ,0% Revenues EBIT margin (10)

11 REVENUES - BUSINESS AREAS 120 % 108 % 100 % 84 % 80 % 60 % 70 % 61 % 57 % 40 % 20 % 0 % -20 % 30 % 31 % 23 % 24 % 7 % 9 % 12 % 12 % 4 % Q4-09 Q1-10 Q2-10 Q3-10 Q % -32 % Products Service and maintenance Projects MNOK Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Products 63,4 58,3 96,2 73,2 116,5 Service and Maintenance 20,1 17,0 20,9 16,5 16,1 Projects 186,9 116,3 52,6-21,8 6,3 TOTAL 270,4 191,6 169,6 67,8 138,9 (11)

12 PROFIT & LOSS STATEMENT NOK Q Q Q Q Q Revenues Gross profit Gross margin - % 55,1 % 65,3 % 52,8 % 62,3 % 1,9 % 55,7 % 66,5 % Operating expenses Operating profit - EBITDA EBITDA margin 10,4 % 21,6 % -5,2 % 16,8 % -125,4 % 11,6 % 11,3 % Depreciation, amortisation and impairment Operating profit - EBIT EBIT margin 1,8 % 17,6 % -15,9 % 12,8 % -169,4 % 5,2 % 6,9 % Pretax profit Profit margin 5,9 % 17,1 % -14,0 % 13,6 % -162,4 % 4,5 % 7,7 % EPS 0,11 0,47-0,94 1,41-1,32 0,09 0,18 (12)

13 CASH FLOW 300, ,0 200, ,0 100, ,0 0,0 Q Q Q Q Q NOK Q Q Q Q Q Net cash flow from operations Net cash flow from investments Net cash flow from financing Net change in cash in the period Cash opening balance Cash closing balance (13)

14 BALANCE SHEET NOK Total intangible assets Non current assets Cash & Cash equivalents Other current assets TOTAL ASSETS Total Equity Liabilities TOTAL EQUITY & LIABILITIES Equity ratio 72,6 % 74,9 % 74,8 % 72,0 % 71,5 % (14)

15 ORDER BACKLOG MNOK BUSINESS AREAS Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Products Service & Maintenance Projects (15)

16 CEO Øyvind Isaksen OUTLOOK (16)

17 OUTLOOK Main focus in 2011 is to re-establish profitability and positive cash flow Good news flow expected in MNOK award in Portugal important start Promising pipe line building up for 2012 and onwards Road user charging market represents a long term growth market Q-Free has a good basis for growth Strong references Impressive portfolio Dedicated team International footprint Strong home market (17) Sydney

18 Q&A (18)

19 20 MAJOR SHAREHOLDERS SHAREHOLDERS 7 FEBRUARY 2011 SHAREHOLDING % ERSTE BANK DER OESTE SPARKASSEN AG ODIN NORGE 8.86 SKAGEN VEKST 4.81 DNB NOR SMS 3.86 JP MORGAN CHASE BANK 3.38 HOLBERG NORGE 2.89 KITUT AS 2.75 Lars Andresen 2.71 REDBACK AS 2.48 VITAL FORSIKRING 2.31 BANK AUSTRIA 1.97 SABARO INVESTMENTS 1.86 VPF NORDEA KAPITAL 1.79 MONS HOLDING AS 1.73 VPF NORDEA AVKASTNING 1.43 SANDNES INVESTERING 1.37 DEUTCHE BANK 1.24 DNB NOR NORGE 1.24 WARREN WICKLUND NORGE 1.14 VPF NORDEA SMB C/O JPMORGAN EUROPE 1.00 (19) SUM %